The Triad emerges, EU probes depths of its madness
Key Markets report for Thursday, 4 December 2025
On Tuesday, 2 December President Trump’s envoy Steve Wytkoff came to Moscow for peace talks with President Vladimir Putin. Wytkoff was accompanied on his mission by Trump’s son-in-law Jared Kushner. The talks - sixth direct meeting between Wytkoff and Putin - spanned five hours, which is a very positive sign that the discussions were substantive and that the cooperation between the two sides is going well.
At the same time, Russia’s Foreign Minister Sergei Lavrov was meeting with his Chinese counterpart Wang Yi. Given that the meeting between Wytkoff and Putin was held behind closed doors, during the five hours they spanned, Yi, Lavrov, Putin and Wytkoff may have sat at the same table discussing stuff and swapping notes. In any case, it is unlikely that Wang Yi’s visit in Moscow just randomly coincided with Wytkoff’s visit, suggesting that the three powers are discussing developments and cooperation beyond the issue of Ukraine.
According to the German journalist Patrik Baab, the reason why Wang Yi was in Moscow was because the Chinese are very much involved in talks between the US and Russia. One of the subjects on the table is the three powers’ sharing of development projects in the Arctic. Baab also mentioned that reopening of the Nord Stream pipelines supplying Russian gas to Germany was being discussed.
Humiliating snubs for the Europeans
Oddly, the discussions didn’t involve any German representatives suggesting that the Europeans have been disqualified from discussions by the grown-ups in general, not only with regards to Ukraine. This disqualification may also mean that the American side is anticipating regime-changes in Europe and preparing the grounds to deal with different future governments, at least in Germany and possibly in France.
US State Secretary Marco Rubio corroborated this by skipping yesterday’s NATO foreign ministers’ meeting. On Tuesday, we also learned that the Pentagon completely shut down communications with German military officials. German Lieutenant General Christian Freuding said that he used to text his American counterparts “day and night,” but now the communication has been “severed — really cut off.” Washington has simply stopped responding.
The Eurotards double down on crazy
All this made the poor Europeans very uneasy. They have been desperate to derail US-Russia relations and now they get the US, Russia AND China having important discussions and cutting them entirely out of the loop. RT posted a comment on X stating that, “US, Russia and China enhance their economic, technological and military dominance, while Europe stays behind.” RT was citing a Wall Street Journal article from a few days prior, which suggested that “Europe’s becoming the biggest loser of the new era.”
The effect, it seems, is that it’s pushed the Europeans to double down on crazy. WSJ cited the Danish PM stating, “I think we’re in the most difficult and dangerous situation since the end of the Second World War.” EU Commission president Ursula von der Leyen made some tough decisions and announced yesterday that, “It’s decided. Europe is closing the tap on Russian fossil fuels once and for all. Energy independence starts now.” No more Mrs. nice gal to you, Mr. Putin!!
But von der Leyen’s bravado will fall on the shoulders of ordinary Europeans in the form of higher energy costs and diminished competitiveness. Based on Eurostat data and average consumption a typical EU household saw its energy bill rise from about ~€1,500/year in 2020 to ~€2,380/year in 2025. And of course, her decisiveness is all for show, since the EU is still buying Russian hydrocarbons, only with some extra middlemen layers and at extra cost. For example, India’s fuel sales to Europe jumped by around 137% since the imposition of sanctions on Russia.
But refusing to buy any evil hydrocarbons from Russia is only the start of where the mad Eurotard leaders want to go. In a recent media interview, German Foreign Minister Johann Wadephul all but committed Germany to starting World War III for Ukraine: “Next week Russia either bows… or we enter the war directly. And if it turns into a world war then let it be for Ukraine.” Wadepuhl outcrazied even his predecessor Annalena Baerbock who famously said, “I will put Ukraine first no matter what my German voters think or how hard their life gets.”
German people and other Europeans might beg to differ, but the fanatical zealots in Euorpe’s political class are taking increasingly aggressive steps to censor all dissent, silence opposition and drive the continent over the edge of war. Why they would be doing that is not a great mystery: clearly, it is out of their devotion to democracy, freedom and human rights. But exactly who is behind the suicidal agenda is harder to discern.
The ultimate deciders and string-pullers usually act from out of deep shadows. But unless and until they are revealed and completely disenfranchised, the world will remain in danger of nuclear annihilation. At the moment, the leadership of Vladimir Putin, Xi Jinping and Donald Trump are serious obstacles to their agendas. After the Alaska summit between President Trump and President Putin, Kirill Dmitriev stated that the two leaders would prevent the outbreak of World War III.
In a recent exchange on X, someone replied to Dmitrive saying that, “Because Trump and Putin have a common plan to expose the European puppets. I can’t wait to see how this movie ends.” Dmitriev replied simply, “It ends well.”
We should hope that @kadmitriev knows stuff and that he is right. It certainly sounds much better than what German Foreign Minister said.
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Today’s trading signals
With yesterday’s closing prices we have the following changes for the Key Markets portfolio:
